chris.mallon - Mortgage Broker in Dallas, TX, United States

chris.mallon

Dallas, TX, United States

Summary

Service Area
100 (km)
24 Hour Emergency Service
No
FHA - VA Approved with Credit Scores as low as 580
• Direct Endorser of FHA and VA loans:
FHA Loan: 3.5% down payment, plus 580 or greater credit score VA Loan : 0% down payment, plus 580 or greater credit score.
• FHA Loan: 580-619 credit requires a debt to income ratio of 43% or less to avoid automatic downgrade to manual underwrite, 620+ FICO up to 55% DTI with an Automated Approval
• VA Loan: 100% financing up to a 46% DTI on a manual underwrite. [If compensating factors needed, see list below]
• 3 Open Trade Lines with 12+ months recent activity & positive payment history
• Alternative trade lines accepted: utilities, car/renter's insurance, cable, phone, etc…
• Loan Processing and Underwriting all under one roof
• 15- 21 day Turn times from Contract date to Fund Date
• Same Day Credit Analysis and Conditional Loan Approvals—7 days a week

Compensating Factors [When Necessary on a Manual Underwrite]
One or more of the following:
• 1-3 months of reserves (PITI)
• Job stability (2+ Years with Current Employer)
• A potential of a substantial increase in earnings due to job training or education
• Current rent is comparable to or more than proposed mortgage payment (Minimal payment shock)

Chris Mallon
Loan Officer
1300 West Walnut Hill Lane, Suite 257 Irving TX 75038
Irving Office Direct: 214-281-8623 Cell: 817-874-0465 Fax: 888-377-8031
Email: chris.mallon@nlc-loans.com
Company NMLS # 32416-Branch NMLS #1219148

Services Offered

Service Type
Mortgage Brokers
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